Business Services Industry
Nationwide Home Sales Records Set in 2002.
Knight Ridder/Tribune Business News, January, 2003
By Kathleen Lynn, The Record, Hackensack, N.J. Knight Ridder/Tribune Business News
Jan. 29--More new homes were sold in 2002 than in any other year in history, the federal Commerce Department said Tuesday.
Thanks to the lowest mortgage rates in decades -- currently around 6 percent -- total new-home sales for 2002 reached 976,000, up 7.5 percent from the previous record of 908,000 units set in 2001.
Sales of existing homes also set a record in 2002, up 5 percent to a total of 5.5 million, the National Association of Realtors announced this week The government also announced that homeownership reached its highest level ever -- 68.3 percent -- in 2002's final quarter.
The Commerce Department report did not break out sales by...
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